Non-Payment of Appraisal Fees by Mortgage Companies On The Rise!
IL Office of Banks & Real Estate Assists Appraisers
Question: I have not been paid for the appraisal I did, whom can I contact for help?
Answer: If your client is an Illinois licensed lender or mortgage broker, the OBRE Consumer Services Division may be able to help.
To file an inquiry/complaint against any individual or entity regulated by the IL Office of Banks and Real Estate, the appraiser must contact the Consumer Services Division in writing. A Consumer Inquiry Form can be located by clicking on the appropriate Consumer Inquiry Form .
All inquiries that are received by the Consumer Services Division will be promptly reviewed, investigated, and assigned to the appropriate Administrator. Complainants will receive periodic updates on the status of the inquiry beginning with a letter acknowledging and confirming the receipt of the complaint and ending with notification of final action.
Along with your signed Mortgage Banking Inquiry Form.pdf letter of complaint, send the OBRE Consumer Services photocopies of the following:
Original Appraisal Report
Order to do the appraisal work, and
Past Due Invoice.
A separate letter for each company involved is required.
Mail ALL documents to the following address:
Office of Banks & Real Estate Consumer Services Division 310 South Michigan Avenue, Suite 2130 Chicago, Illinois 60604 Fax Number: (312) 793-3977
The Illinois Department of Financial and Professional Regulation - Division of Banks and Real Estate, fined Choice One Mortgage, Inc., an Illinois residential mortgage licensee, $5000.00 for ordering appraisals from an Illinois licensed appraiser with a minimum value request. Appraisal orders would be cancelled, not paid for, or otherwise negatively treated when the appraiser did not provide the accepted minimum value. http://www.obre.state.il.us/RESFIN/Discipline/2004BRF-77-Order5067.pdf ICAP urges appraisers to file a complaint with the Division of Banks and Real Estate at (877) 793-3470. Appraisers!. . . .Do you have a complaint against a lender, mortgage broker, realty agent
Non-Payment of Appraisal Fees by 